Fed’s Powell: will need substantially more evidence to be confident inflation on downward path

NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell on Wednesday welcomed recent cooling in inflation data but said there had not been enough progress bringing price pressures back to 2%.

“We will need substantially more evidence” that inflation is ebbing to be confident that it’s moving back toward the target,” Powell said in a press conference following the Federal Open Market Committee meeting.

(Reporting by Michael S. Derby; Editing by Chris Reese)